The long-floundering Portland Press Herald is about to have a new owner. At least, all signs suggest that the money necessary to seal the deal will come through by the end of the year. There are financial details to be finalized, and there's a slim chance the money won't materialize, but involved parties tell the Portland Phoenix that pens are very close to the financial paper, and that the financing may include an employee-ownership component.

As many had speculated, the likely new owner will be Maine Media Investments — owned by the governor's brother, Bob Baldacci; former US senator and defense secretary Bill Cohen; his son Kevin, a former Turner Broadcasting executive; housing and real-estate developer Mike Liberty; and Pennsylvania newspaper publisher Richard Connor (who was born in Bangor). Soon, this group will no doubt be making public what they plan to do to recover the paper's dying circulation, plummeting advertising revenue, and rock-bottom newsroom morale.

Connor himself was recently heard to say — while out and about in Portland — that he could see why the paper was struggling, since it was "so thin it blows off the front porch in the morning." That might signal an inclination to expand the news coverage, which has shrunk considerably in recent months, but it's unclear who would do that work: the employees union is "bracing" for significant layoffs after the deal is finalized, according to Portland Newspaper Guild acting administrative officer Kathy Munroe.

The new owners will have to navigate the complicated quagmire of determining what their readers actually want. The biggest dispute among the audience appears to be where a revamped Press Herald would strike a balance between local coverage and national and international news.

Some hints can be found in independent blogs. A poster named MediaDog at AsMaineGoes wants less wire-service copy, saying in an August post, "In this Internet era most wire news is stale by the time the papers reached readers' doorsteps."

At MediaMutt, Phoenix columnist Al Diamon's blog on the Down East magazine Web site, one commenter suggested last week that a more major overhaul is needed: "The newspaper has limited value in terms of keeping readers informed. I don't think I've ever seen a shallower newspaper than the version that is being published today."

Perhaps the best way to gauge the reaction from the Press Herald's audience, though, is to look at the comments on the paper's own Web site — specifically, those talking about the sale itself.

"I'm getting the Friday, Saturday, Sunday [subscription package] deal and the news is the same in all three papers," wrote one person, who said she is canceling her subscription.

Another commenter promised to "buy this rag IF it had some substantial US/world news," while simultaneously lamenting the lack of "real investigative journalism" and follow-up on "real issues." But that person did, apparently, agree with Connor's perception of the paper as too thin: "Once you dump the flyers and classifieds you don't have enough to line a bird cage!"

Other posters suggested: "Report from the middle of the road and tell me what is going on locally," and "focus in-depth on local news, and leave national and international news to the larger papers, television, and the Internet."

Death knell Last week was a bittersweet week for the people who work at the Portland Press Herald and its sister publications. It is hard to fault them for the steps they took to try to preserve some semblance of the present, but we cannot avoid the fact that they have sounded the death knell both for the newspapers that employ them and the unions that represent them.

Crossing the line When an increasingly conservative newspaper company fires an already publicly conservative employee for apparently offending a liberal interest group, it leaves some people scratching their heads.

Sitting pretty Richard Connor has cleverly cornered the market on the Portland Press Herald and its sister papers, and is now in what can only be called the catbird seat.

Countdown With last week's news that Portland Press Herald managing editor Bob Crider has been summoned back to the state of Washington to run a Blethen-owned paper there.

Naming names Any effort at survival by the Portland Press Herald should take advantage of the ample brainpower and ability already on staff

Tree party It was, quite obviously, big news when President Barack Obama came to town last week.

Talking points Rich Connor's reforms have brought a much-needed sharpened focus to the Portland Press Herald/Maine Sunday Telegram and its sister papers. Certain changes, though, are raising eyebrows not just for what they are, but because of how Connor is doing them.

Fold or float It doesn't matter who the new owner of the Portland Press Herald is, or whether there even is one. The state's largest-circulation daily newspaper simply cannot survive in its current form.

Protecting liberty Newspapers need to be stronger watchdogs about government attempts to intrude on individual rights.

Road to riches The Maine Turnpike Authority wants to pay between $34 million and $56 million to build a new toll plaza in York. Don't let that huge price tag fool you.

PORTLAND VS. HER PEOPLE | March 19, 2014 This city, which all agree is lucky to have so many options, has leaders who do not behave as if they have any choice at all. To the frustration of the citzenry, the City Council and the Planning Board often run off with the first partner who asks for a dance.

LEARNING FROM FAIRPOINT'S DISASTERS | March 06, 2014 Two bills before the Maine legislature seek to pry lessons from the hard time FairPoint has had taking over the former Verizon landline operations in Maine since 2009.